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Panera Bread Company Summary: According to a press release dated January 25, 2008, the complaint charges Panera Bread and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Panera Bread engages in the ownership and franchising of bakery-cafes in the United States under the Panera Bread„µ and Saint Louis Bread Co.„µ names.
According to the complaint, throughout the Class Period, the Company highlighted its increasing system-wide sales and, as a result, continuously increased its earnings guidance. Moreover, the Company was rapidly opening new locations throughout the United States. Unbeknownst to shareholders, the Company’s aggressive growth strategy was causing the Company to experience declining sales at its existing stores.
Additionally, the complaint alleges that, throughout the Class Period, defendants issued materially false and misleading statements and failed to disclose (i) that the Company was experiencing negative trends in its business which were causing it to experience rising expenses and slow growth; (ii) that the Company’s store expansion strategy was causing the Company to yield a lower return on capital and experience a decline in sales per restaurant as the Company’s new store openings began to cannibalize sales from existing stores; and (iii) as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company, its prospects and revenue growth rate.
Then, on July, 26, 2006, Panera Bread announced its financial results for the second quarter of 2006, the period ended June 27, 2006. In response to this announcement, the price of Panera Bread common stock fell $7.34 per share, or approximately 12%, to close at $51.93 per share, on extremely heavy trading volume.
INDUSTRY CLASSIFICATION:
SIC Code: 5812
Sector: Services
Industry: Restaurants
| COMPANY/ISSUER NAME: | Panera Bread Company |
| COMPANY/ISSUER TICKER: | PNRA |
| COMPANY WEBSITE: | http://www.panera.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Western Washington Laborers Employers Pension Trust, et al. v. Panera Bread Company, et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Class Action Complaint for Violations of Federal Securities Laws - Demand for Jury Trial | |||
| Type: Complaint | Date on the document: 01/25/2008 | ||
| OTHER DOCUMENTS | |||
| Class Action Complaint - Jury Trial Demanded | |||
| Case Name and/or Number: Sue Trachet, et al. v. Panera Bread Company, et al. | |||
| Type: Complaint | Date on the document: 02/26/2008 | ||
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